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Truck - Trailer Financing A discussion for owner operators to find info on the financing of eighteen wheelers and trailers. Don't get ripped off by shady dealers and financeers. We have an expert that can answer your truck financing question here so you can do it the RIGHT way!

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  #1  
Old 01.19.2007
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Should I o/o if I can buy a rig outright?
I am about to start trucking school and will learn more as I get into the business more, I am sure. But I will get enough of a severance package from my old job to buy a good 4-5 year old rig and pay cash for it. With having no payment to make on the rig, would it be a wise investment to bite the bullet and purchase my own rig and lease on with someone, or should I just pay off debt and work for the man?

I would think it would even out either way - if I lower my living expenses, I am putting more money in my pocket anyways as a company driver. If I buy a rig, I am making more, but now I have the expenses of maintaining and running that truck.

Any thoughts?
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Old 01.19.2007
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One other note. I am already incorporated as a business, so that end is covered as well.
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Old 01.19.2007
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be a company driver first. you my not like trucking, and you would be stuck with an old rig that you will lose money on when you re-sell it.....
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Old 01.20.2007
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I would rat hole my cash and drive for a company awhile...a year or so.

Then you can see if its the gig for you.
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Old 01.20.2007
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I'd wait and learn as a company driver for at least 1 year 2 would be better. Keep up with the expenses of the truck that you drive, so you can get some idea of the expense of owning one. That won't cover it all. Read my topic called So you want to own your own business at least. It's not everything but will give you a good idea of what's in store as an O/O
Good Luck
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NightWind
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Old 01.20.2007
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Quote:
Originally Posted by NightWind View Post
I'd wait and learn as a company driver for at least 1 year 2 would be better. Keep up with the expenses of the truck that you drive, so you can get some idea of the expense of owning one. That won't cover it all. Read my topic called So you want to own your own business at least. It's not everything but will give you a good idea of what's in store as an O/O
Good Luck
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NightWind
i owned my own business until sept. there are some advantages but if you don't know the industry, you shouldn't jump in. my business was not trucking, but the same principles apply. there's much more to it than justdriving the truck and making money. i agree with nightwind. company drive for a while and make sure you know what you are doing before you spend that money.
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Old 01.20.2007
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Thanks, guys. I will do just that.
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Old 01.02.2008
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Tear up somebody elses stuff first
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Old 01.08.2008
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One thing you really need to consider is the cost of insurance if you buy a rig before you have 2 years of driving experience. Progressive is about the only one out there that will cover you and their premium will be outrageous. Another thing to remember if you're looking at o/o in a couple of years - keep your driving record clean.
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